Bill Details - HB602 (2019)

HB 602 - AS INTRODUCED

 

 

2019 SESSION

19-0649

05/03

 

HOUSE BILL 602

 

AN ACT relative to rescission of a mortgage-related transaction.

 

SPONSORS: Rep. Plumer, Belk. 6; Rep. Viens, Belk. 1

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill provides that if a mortgage-related transaction has been validly rescinded, any foreclosure based on the transaction shall be void and unenforceable.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19-0649

05/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to rescission of a mortgage-related transaction.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  New Paragraph; Mortgages of Realty; Foreclosure Sale; Void Following Valid Rescission.  Amend RSA 479:25 by inserting after paragraph VI the following new paragraph:

V.  If a mortgage-related transaction has been validly rescinded in accordance with state and federal law, including the Truth in Lending Act, 15 U.S.C. section 1635(a), and the rescission has been duly recorded in the registry of deeds, the lender shall have no recourse under this section to initiate a foreclosure sale of the property.  In such cases, any foreclosure under this section shall be void and unenforceable.

2  Effective Date.  This act shall take effect January 1, 2020.

Docket

Date Status
Jan. 3, 2019 Introduced 01/03/2019 and referred to Commerce and Consumer Affairs HJ 3 P. 21
Feb. 20, 2019 Public Hearing: 02/20/2019 02:00 pm LOB 302
Feb. 21, 2019 Subcommittee Work Session: 02/21/2019 10:30 am LOB 304
Feb. 21, 2019 ==RECESSED== Executive Session: 02/21/2019 02:00 pm LOB 302
Feb. 26, 2019 Subcommittee Work Session: 02/26/2019 02:30 pm LOB 302
March 8, 2019 ==CONTINUED== Executive Session: 03/08/2019 01:30 pm LOB 302-304
Committee Report: Inexpedient to Legislate (Vote 20-0; CC)
March 19, 2019 Committee Report: Inexpedient to Legislate for 03/19/2019 (Vote 20-0; CC) HC 16 P. 5
March 19, 2019 Inexpedient to Legislate: MA VV 03/19/2019 HJ 10 P. 12

Action Dates

Date Body Type
Feb. 20, 2019 House Hearing
Feb. 21, 2019 House Exec Session
March 8, 2019 House Exec Session
House Floor Vote
March 19, 2019 House Floor Vote

Bill Text Revisions

HB602 Revision: 4866 Date: Jan. 15, 2019, 3:05 p.m.